Rackspace soars 19% after report says Amazon eyeing minority stake - Business Insider

Rackspace went public on August 5 after being acquired in a leveraged buyout byin 2016. Apollo remains a majority owner of Rackspace since the company went public earlier this month.

Reuters, citing an anonymous source, reported that a deal between the two companies could require one to two months of negotiations, and added that a deal is not guaranteed.Charles Schwab's stock-picking chief told us why a COVID-19 vaccine would trigger a mass exit from tech stocks — and pinpoints 3 companies that would benefit instead

Rackspace helps companies migrate their data to cloud platforms like Amazon Web Services and Microsoft's Azure. An investment by Amazon would strengthen ties between the two companies, who already work together on the cloud. Amazon's AWS cloud unit continues to see a surge in demand, having hit $10.81 billion in revenue in the second quarter, representing year-over-year growth of 29%. The continued growth in AWS could be reason for why Amazon wants to strengthen its ties with Rackspace.

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